Understanding Trustees' Duties and Responsibilities in Managing a Trust
Trusts are legal tools used in estate planning. Forming a trust — whether it’s a living trust, a testamentary trust or another type of this arrangement — involves the creation of important legal relationships between three different roles: grantors, beneficiaries and trustees.
Trusts are valuable tools for protecting important assets when used appropriately and wisely. Understanding how to use and administer trusts properly involves learning more about the roles and responsibilities of the people involved in administering them. Trustees in particular have some significant duties to fulfill, often throughout the lifetime of the trust. Learn more about these key responsibilities to better understand what a trustee does and how a trust operates.